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Master Data Strategy: How to achieve greater operational efficiency and improve the customer experience?

Master Data Strategy How to achieve a greater operational efficiency and improve the customer experience

Without a doubt, the corona pandemic has led to a holistic rethinking in many areas of the company. Companies have implemented solutions that make their employees work easier, help them to reduce overall costs, and improve existing business processes and their customer’s experience in parallel. All this can’t be done without good master data. Master data is at the heart of all operational processes. Sourcing, product development, manufacturing, shipping, marketing, and sales all depend on the ability to efficiently collect, manage, and share trusted data on time.

 

Master data management also helps to automate and control error-prone manual processes, enable transparency and insights to make better operational decisions and so organizations can improve the quality of products and services, and accelerate time-to-market.

In order to achieve increased productivity, profitability, and business performance while reducing costs, one must not ignore the quality of the master data, regardless of whether it is customer master data, supplier master data, or article master data. Only superior quality data has a decisive influence on the efficiency of business processes and the quality of corporate decisions. Outdated, incorrect, or missing master data can lead to a loss of sales or weaken the reputation of the customer or supplier.

 

What mistakes can one make in master data management?

 

Management is not involved

Without the support and coordination with the management, the master data management project is doomed to failure. The support of the management right from the start is the only way to dissolve cross-departmental thinking. The senior management officer must ensure that the project team can not only streamline the management of data across departments but also that business processes and procedures can be adjusted across departments if necessary. Such huge changes are rarely received positively, so effective communication in change management is necessary.

 

Master data management is not an IT issue

Master data management is not a technical challenge or problem that only the IT department can solve. This topic must be addressed by the specialist departments. Only the various specialist departments know the content-related requirements for correct and up-to-date data. And they know their own business processes in which the various data are generated or changed. IT can help with the selection and the implementation of MDM solutions, but the specialist departments must take on the technical part here.

 

The long-term vision of the MDM project

As with any project, the MDM project also needs good management within the organization based on a correct goal matrix and a long-term vision for data management. However, this must not tempt you to create the scope of the project in such a way that it is no longer possible to carry it out quickly and efficiently. Agile project management makes it possible for achieving the goals step by step. With an unrealistic project scope, the entire project can quickly fail, and you end up with no result. Most of the time an experienced project manager, possibly external, can help get the project off the ground.

 

Organizational and cultural changes are ignored

No matter how good the project, the goals, and the vision, it will fail if all the different parties in the organization are not brought on board. Those affected and opinion leaders play a key role in the success of the project. The project team often gambles away its own success by doing everything in a quiet little room and in the end, everyone is surprised by the new solution, the result = is rejection. Good change management communication to the affected groups is an essential component of building awareness and support for organizational change and achieving long-term success.

 

The goal of mastering data management is the optimization, improvement, and long-term protection of data quality and data consistency. The main problem is when the master data is stored redundantly in different databases. This leads to time-consuming and costly data comparisons or the introduction of a central MDM system that, as a central data hub, provides the data for all other systems.

2021: Ensure Your Business Growth by Becoming Data-Driven Company

ensure Your Business Growth by Becoming Data-Driven Company

 

In 2021, government agencies and businesses will need to be able to make decisions based on current/real-time data faster and more accurately than before. Because: due to COVID-19, markets, supply chains and customer behavior have changed in recent months, only data-driven businesses are able to respond quickly and effectively in a rapidly changing world. In order to transform into a data-driven business, it’s not only important to understand the importance of data quality and governance. But it’s also key to drive a data strategy that is aligned with your business strategy. By integrating analytics into business strategies, businesses can transform data into decisions that improve lives and results.

 

A study of more than 3,500 business executives and senior IT decision-makers across the UK, France, Germany, and the Netherlands found a gap between companies using data to inform decisions during the pandemic and those who are not. The YouGov survey, commissioned by Tableau, asked executives of small, medium, and large businesses about their use of data during the pandemic, lessons learned, and confidence in implementing long-term business change. For executives in data-driven companies, a majority (80%) believe they had a key advantage during the pandemic.

 

These leaders are also deeply committed to the important role data plays in the future of their business. A large majority of 76% plan to increase investments in data literacy; especially after the long bumpy ride we have all been on since the start of 2020. Additionally, 79% are confident that they will ensure business decisions are supported by data. The results show that non-data-driven companies are slower to grasp the meaning of data in these uncertain times. Only 29% see this as a key benefit and 56% say they will reduce or stop investing in data skills. Additionally, only 36% are confident that the data will support business decisions.

 

“This year has accelerated change for businesses and ushered in a fully digital world faster than anyone could ever have imagined. Data is at the heart of this digital world,” said Tony Hammond, Vice President Strategy and Growth EMEA. at Tableau. “In this age of data, our research shows that data-driven companies see clear benefits and are more confident about the future of their business. As a result, they really rely on the power of their data. Companies that haven’t woken up to it run the risk of falling behind. But businesses big and small can rest assured that it’s not too late to harness the power of data – the time is now.”

 

When asked how it helps to be data-driven during the pandemic, company leaders recognized several benefits. At the top of the list are: more effective communication with employees and customers (42%), the ability to make strategic business decisions faster (40%) and improved collaboration between teams for decision making and problem-solving (36%).

 
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“We started building data skills in our company in 2013, and due to the pandemic, we have definitely benefited from these functions,” explains Dr. Dirk Holbach, Senior Vice President and CSCO Laundry & Home Care at Henkel, one of the world’s leading consumer goods and industrial companies. “For example, within a few days, we were able to record all of our personal protective equipment controls so that each facility can see how we are equipped in this regard so that our business can continue to operate. I am confident that we will take some good lessons with us in the future, especially when it comes to working together. “

 

For all respondents, the key takeaways from the pandemic are: the need to be more agile (30%), prioritize and implement projects faster (26%), and access to more accurate, up-to-date, and cleaner data (25%). Jay Kotecha, the data scientist at full grocery brand Huel, said of his data strategy: “Our data-driven strategy helps the company respond to consumer behavior and enables us to pivot and react faster and more clearly. It’s about empowering the entire organization through data. Employees examine data from across the company and turn it into insights we can act on, whether it’s sales projections, sales effectiveness, or marketing spend. “

 

Across Europe, the results show that just over half (56%) of business leaders consider their companies to be data-driven, while one in three (38%) think they do not. These results indicate a clear way for organizations to leverage data to support business resilience and decision making during this time. German companies are taking the lead with 62% as their business is data-driven, while the UK lags behind with just 46%.

 

The promise of digital change is based on the ability to harness the power of technology to grow your business, open up new markets, and acquire new customers. It also means that you need to understand all of the data (the digital exhaust – the trail of data left behind by browsing the Internet) that new customer experiences create. A data governance strategy as well as information and data quality management as an integral component of management systems significantly supports the achievement of the organization’s goals, ensures compliance conformity, increases throughput, and supports organizations in the transformation to a data-oriented culture. Organizations thus secure their competitiveness and can expand this further through increased data intelligence.

 

Sources:

Data-driven companies are more resilient and confident.

Data-driven businesses vastly more optimistic – research

Trends of Database Management

 

The world of data is constantly changing and evolving every second and has created a completely new dimension of growth and challenges for companies around the globe. Databases allow for data to be stored quickly and easily and are used in many aspects of your daily life. From your grocery store, bank to your favorite clothing store, all use databases to keep track of customer, inventory, HR and accounting information. Also, this article is stored in a database and its content is retrieved and displayed in your browser.

 

Classic databases can no longer meet the growing demands of the market. Businesses need a new kind of database to develop mission-critical applications and services for the evolving digital economy. Business requirements center on short response times with a large number of users, high scalability, flexibility, availability and access to structured but also unstructured data. With traditional databases, they can no longer meet these requirements, so organizations are increasingly turning to NoSQL database technologies based on a non-relational approach.

Consumers Are Increasingly Researching Purchases Online

According to the eCommerce Foundation’s, 88 % of consumer pre-research their buys, products or services, online, in order to compare the price, before making a purchase either online or in-store. Also, e-commerce in the B2B sector continues to grow. A good database system can help you manage all your business-critical data centrally, safely and securely – whenever you need it – to boost your chances of success.In addition to a high level of user-friendliness and customer satisfaction with short reaction times, the requirement in the online business is that the database supports customer behavior in the form of catalog management, customer profile management and content management.

Better management of HR, Customer data

By using a HR database, you can streamline most of the HR tasks, automate routine jobs and speed up the processing of data such as staff hours, leave, benefits, payroll, etc. This can leave you more time and money to focus on growing your business. A good customer and staff relationship is a KPI of your business growth. Therefore, a good CRM database is powerful enough to store and process everything, from customer contact details, interaction history and accounts, to new prospects, leads and business opportunities.

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Right Database for Your Internet of Things System

With the growth of Internet of Things (IoT), IoT architectures increasingly require data processing, analytics and storage at the network edge. Internet of Things links billions of sensors, machines, and devices of all kinds. Whole industries, such as the automotive and engineering industries, healthcare, smart cities are digitized. The resulting data must be processed quickly. NoSQL databases are being used for IOT as they can take a variety of forms and allow you to store and manipulate large amounts of unstructured and semi-structured data.

Mobile Databases

With the emergence of mobile computing the corporate information system also includes notebook computers and other portable devices. More and more people are using mobile platforms – whether smartphones, tablets or smart watches. Similar to desktop computing users, mobile users need access to information stored on corporate database servers. Key requirements for mobile databases include support for multiple mobile platforms with a single backend, synchronization of mobile data with remote databases in the cloud, and the creation of Offline first applications that do not require a network connection.

Cloud computing and Database expansion

The growth of data-driven enterprises is enforcing data administrators to deliver high-performing and responsive systems that can scale with the business. The ability to scale on demand and run large scale applications requires an agile IT infrastructure. They need databases that can deal with growing demands of businesses for real-time, analytical capabilities, incorporating data-driven initiatives such as the Internet of Things and artificial intelligence. Data administrators are responding and keeping up with these requirements through a combination of cloud resources and automation. To save costs and increase flexibility, more and more organizations are looking for distributed applications that run on bare metal servers, in virtualized, containerized, private, public, or hybrid cloud environments.

 

We can conclude that in order to fulfil business demands, database technologies used for information management are been rapidly evolving from traditional relational database management systems to MPP-based appliances, because an MPP database is a database that is optimized to be processed in parallel for many operations to be performed by many processing units at a time.

Major Consequences Of Having Poor Data Quality For Your Business

how data powers business opportunities

 

Organizations are collecting and generating more information than ever before but simply having a lot of data does not make a business data driven. Issues related to data quality maintenance is infecting numerous businesses. IT department which aren’t taking any steps in order to improve accuracy of their data, can lead companies to pay a big price. Generating trusted information isn’t always easy, though.  Nearly half of organizations are already in error due to poor data quality.

 

Poor data quality can impact organizations in a very negative way by have serious financial consequences. Regulatory fines, monetary losses from bad business decisions, and legal fees resulting from errors can add up to millions of dollars. IBM estimates the total cost, to U.S. organizations only, to be $3.1 trillion dollars annually. Moreover, when it comes to patient or consumer safety, bad data can cost lives.

 

A qualitative database with complete market information is very useful for the effective generation of new leads and the restructuring of existing one. Results of a campaign must be reflected in the database and information must always be accurate, complete, correct and unique. Yet this is not always the case. During customer contact, organizations too often receive answers such as: “I do not have permission to leak confidential information”, “Cloud applications? No, we do not use ‘and’ I’m not the right person for this conversation ‘. 46% of the organizations sometimes go wrong due to poor data quality, according to research by the New York Times. What price do organizations actually pay for this? I have listed the three most important consequences.

 

  1. Target-less costs are incurred

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A definite price tag is not linked to bad data quality, but that organizations make costs and miss out on profit is beyond doubt. U.S. organizations think approximately 32% of their data is inaccurate and believe this negatively affects their revenue in terms of weak resources, lost productivity, or wasted marketing and communications spend. Moving companies, changing e-mail addresses and reorganizing organizations. This means that mail is sent to incorrect addresses, e-mails do not arrive, and departments can no longer be reached. The mail is packed, the e-mail is typed, and the phone picked up, but these actions do not yield any results. Wasted time. And time is money.

 

  1. Sales and marketing without result

If companies work with outdated data, chances are that they do not have insight into who they should approach at which company. People change jobs, retire or come to the streets after a merger or takeover. If the database is not continuously updated and cleaned up with this information, effective customer approach becomes difficult. The right DMU is not available and companies do not get the right person. They do not go any further and even go two steps backwards. The target group is not reached and at the same time they strike a flatter with the potential customer. All this because companies do not have their data up to date.

 

  1. Reputation damage

As an organization, you want to avoid blunders and with a large arc for possible errors. You do not want to write to companies that are just bankrupt or are seeking contact with people who have already left the company. These missteps make sure that people talks negatively about your organization and that is the last thing you want. In short, get your facts straight. Make sure you do not run towards a wrong direction and avoid the above missteps. Provide a database containing all customer data and refresh them regularly. Only then can companies effectively carry out marketing and sales activities.

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